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- **$1.8B CHP Merger**: Accelerates growth, reduces leverage to 6x, and adds 23 high-quality assets.
- **Q3 Financials**: 21% NOI growth, 30% EBITDA improvement, 88% same-store occupancy (highest since 2020).
- **Acquisition Success**: 2024 acquisitions achieved 10% yield on cost, 740 bps occupancy growth, and 4.2% rate increase in 12 months.
- **Labor Efficiency**: Reduced labor hours by 2.5% in Q3, with 2024 acquisitions now operating with permanent staff at 90%+ of needs.
- **Debt Management**: 57% fixed-rate debt, $64M credit facility capacity, and no near-term maturities.

**【CEO Opening Remarks】**
- Announced $1.8 billion merger with CNL Healthcare Properties (CHP), expected to close in Q1/Q2 2026.
- Transaction goals: improve asset quality, accrete AFFO per share, reduce leverage to 6x, and increase free float to $1 billion.
- CHP portfolio adds 23 assets in high-growth markets, enhancing near-term earnings and flexibility for asset recycling.

**【CEO Commentary on Q3 Results】**
- Total portfolio NOI grew 21% YoY, adjusted EBITDA up 30%.
- Same-store occupancy reached 87.7% (Q3) and 88% in October, highest since Q3 2020.
- 2024 acquisitions outperformed expectations: occupancy +740 bps YoY to 83.7%, RevPOR +4.2%, and 10% yield on cost.
- Labor management improvements reduced hours per resident day by 2.5% in Q3, with steady trends in Q4.
- 50% of same-store communities achieved >10% NOI growth YoY, driven by operational excellence.

**【CFO Financial Commentary】**
- Transaction costs: $6.2 million in Q3, with total estimated $75 million for deal completion.
- Balance sheet: 57% fixed-rate debt, 80% of debt maturing after 2029, $64 million credit facility capacity.
- G&A stable at below-normalized levels, with no FTE additions for 2025 acquisitions.
- 2024 acquisitions generated $14 million annualized NOI growth, exceeding 18-24 month underwriting timeline.

**【Q&A Highlights】**
- **Occupancy Trends**: Same-store occupancy growth driven by internal sales (26% vs. 43% external placements YoY), with death-related move-outs returning to normal levels.
- **RevPOR vs. Margin**: Long-term target for same-store margins >30%, achievable through rate growth and labor efficiency.
- **Labor Management**: Eliminated premium labor in acquisition portfolio, with 2024 acquisitions now operating with permanent staff at 90%+ of required levels.
- **Merger Preparation**: Integration planning underway with CHP operators, with focus on operational best practices and cultural alignment.

Sonida Senior Living, Inc. (SNDA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SNDA

SNDA fundamentals

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